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Friedrich Hayek
Friedrich Hayek CH (8 May 1899 – 23 March 1992), born in Austria-Hungary as Friedrich August von Hayek and frequently referred to as F. A. Hayek, was an Austrian, later British, economist and philosopher best known for his defence of classical liberalism. Hayek shared the Nobel Memorial Prize in Economic Sciences (with Gunnar Myrdal) for his "pioneering work in the theory of money and economic fluctuations and ... penetrating analysis of the interdependence of economic, social and institutional phenomena". Hayek was a major social theorist and political philosopher of the twentieth century, and his account of how changing prices communicate information which enables individuals to co-ordinate their plans is widely regarded as an important achievement in economics. Tossup Questions # One essay by this man proposes a triangle diagram to replace the linear political continuum. That essay claims that the title concept should only be a "personal maxim" since it is inclined to "stand still". Another work by this thinker asserts that minority rule is ineffective since one government cannot know every aspect of a society. This man argued against focusing on "fairness" in a work that decries the deindividuation that results from both (*) communism and fascism. In that work, this author of The Constitution of Liberty proposed that free market liberalism and a minimal state would prevent the title devolution into totalitarianism. For 10 points, name this Austrian-British economist who wrote "Why I Am Not a Conservative" and The Road to Serfdom. # This thinker distinguished between the development of goods across time and goods in various stages of production in 3-dimensional diagrams, which proved confusing. He wrote a three-volume work whose sections included The Mirage of Social Justice and The Political Order of a Free People. He argued that a certain form of government "cannot possibly do what it promises" in The Fatal Conceit. He said that a desirable society should have a market with "spontaneous order" that emerges when people do what they want within a legal framework, which he called catallaxy. In one work, this author of Law, Legislation, and Liberty and The Pure Theory of Capital argued that central planning leads societies down the title path eroding personal freedom. For 10 points, name this Austrian-born economist who wrote The Road to Serfdom. # One of this man's works inspired a cartoon series in Look magazine which begins with a hard-hat wearing worker walking by a sign reading "STAY ON THE JOB." One of his later works discusses the importance of price signals as a way to communicate knowledge. This author of The Fatal Conceit wrote an essay stating "Conservatism is only as good as what it conserves" as part of the title explanation why he is not a conservative. Gunnar Myrdal complained about sharing the 1974 Nobel Prize with this man, his political rival. His most famous work claims that both fascism and socialism result in the title condition, which happens when central planning runs the economy. For 10 points, name this Austrian economist and free-market supporter who wrote The Road to Serfdom. # This economist was also interested in neurology, and published a brain science book titled The Sensory Order. This economist's early work focused on how information was conveyed to consumers by the cost of goods, the price signaling mechanism, which this economist argued created a "spontaneous order." Late in his career, this economist argued that banks should be able to issue their own money, which he said would create a competition to create the best currency. This man's political views can be found in the book The Constitution of Liberty. His most famous book includes chapters like "why the worst rise to the top." For 10 points, name this Austrian economist who critiqued government central planning in The Road to Serfdom. # This man supported a free market for the production of money and, along with his mentor, advocated for the term "catallaxy" to replace the word "economy." This thinker used the term "extended order" to describe the effects of price signals and the impossibility of rational distribution of resources in planned economies in his The Fatal Conceit. Paul Krugman criticized the full reserves and tight credit advocated for in this man's theory of buisiness cycles. He was a student of Ludwig von Mises and defended classical liberalism in his The Road to Serfdom. For 10 points, name this economist of the Austrian School.